Greenidge Generation Holdings Inc.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
VIP$0.96-4.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001628280-25-040150
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001628280-25-051859
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 141 previous paragraphs and 146 current paragraphs.
69 unchanged; 57 reworded; 16 added; 14 removed; 1 previous and 4 current paragraphs rearranged.
Tables are not compared: 14 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
•On November 7, 2025, we entered into a Stipulation of Settlement with NYSDEC, providing a pathway for the issuance of a five-year Title V Air Permit for the New York Facility, consistent with the CLCPA, and resolving ongoing administrative and judicial proceedings related thereto. See Note 10, “Commitments and Contingencies—Legal Matters,” including, without limitation, the subsections titled “Title V Air Permit Renewal Litigation” and “Stipulation of Settlement with NYSDEC,” in the Notes to our Unaudited Condensed Consolidated Financial Statements for further information.
Current report
The above table excludes 2,300 miners sold to US Digital Mining Mississippi LLC on September 16, 2025. The 2,300 miners contributed to our self-mining operations during the quarter prior to their sale.
Current report
•Increase of approximately $0.5 million primarily due to an increase in legal costs in connection with the Tender/Exchange Offers (as defined below); and
Current report
Operating income (loss) from operations
Current report
Total other income (expense), net
Current report
During the three months ended September 30, 2025, total other expense, net decreased by $13.5 million, or 736%, to $11.7 million of other income primarily due to a gain on troubled debt restructuring of $11.5 million, a gain of $0.4 million as a result of a forfeited deposit held in connection with the sale of our South Carolina facility, and a decrease of approximately $1.8 million in interest expense on long-term debt as a result of troubled debt restructuring, which was partially offset by $0.2 million of interest expense incurred in connection with the Equity Interest Payment Agreement.
Current report
Net income (loss) from operations
Current report
Results from Operations - Nine Months Ended September 30, 2025
Current report
The above table excludes 2,300 miners sold to US Digital Mining Mississippi LLC on September 16, 2025. The 2,300 miners contributed to our self-mining operations during the period prior to their sale.
Current report
•Decrease of approximately $0.3 million due to less environmental remediation expenses incurred during the nine months ended September 30, 2025 compared to the prior year period.
Current report
Total other income (expense), net
Current report
Net income (loss)
Current report
Management has taken certain actions since 2022 to improve our liquidity, including, among other things, the sale of assets, the proceeds of which were used to extinguish $80.3 million of debt, and significant restructuring activities to materially reduce selling, general and administrative expenses. In addition to these actions taken in prior years, we completed the following transactions in 2025 to continue to improve our liquidity position:
Current report
•Issuances of new debt to refinance or fully settle the existing Senior Notes.
Current report
•The sale of assets, including the South Carolina land, which remains held for sale, and we anticipate completing a sale for within the next 12 months.
Current report
Given the uncertainty regarding our financial condition over the next 12 months from the date our financial statements in this Quarterly Report on Form 10-Q were issued, we have concluded that there is substantial doubt about our ability to continue as a going concern for a reasonable period of time. Our consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Removed paragraphs (14)
Previous report
•On August 11, 2025, we announced the appointment of Charles M. Zeynel to our Board of Directors, effective August 11, 2025. Mr. Zeynel is an accomplished senior executive with over four decades of global leadership experience including his service at the helm of the Zag Group, a leading provider of sustainable materials to the global construction industry. His expertise in sustainable materials, carbon removal technologies and M&A will be invaluable to the Company, including in its evaluation of potential beneficial uses for its legacy coal ash deposits.
Previous report
•On June 3, 2025, we received written notice from the Nasdaq listing qualifications department notifying us that the staff has determined that for the 10 consecutive business days preceding June 3, 2025, the closing bid price of our Class A common stock had been at $1.00 per share or greater. Accordingly, we have regained compliance with Nasdaq’s minimum bid price requirement for continued listing on The Nasdaq Global Select Market, and the staff indicated that the matter opened by Nasdaq’s letter, dated April 9, 2025, was closed. In addition, on July 21, 2025, we received written notice from the Nasdaq listing qualifications department notifying us that the staff has determined that for the 12 consecutive business days preceding July 21, 2025, the minimum value of our publicly held securities (“MVPHS”) had been $15,000,000 or greater. Accordingly, we have regained compliance with Nasdaq’s minimum MVPHS requirement for continued listing on The Nasdaq Global Select Market, and the staff indicated that the matter opened by Nasdaq’s letter, dated March 26, 2025, was closed.
Previous report
•Decrease of approximately $0.1 million due to reductions in other various expenses in the second quarter of 2025 compared to the prior year period.
Previous report
Total other expense, net
Previous report
During the three months ended June 30, 2025, total other expense, net decreased by $1.0 million, or 58%, to $0.8 million of other expense due to a decrease in non-cash amortization of the bond premium recorded as part of the privately negotiated exchange agreements of approximately $1.0 million.
Previous report
Net loss from operations
Previous report
Results from Operations - Six Months Ended June 30, 2025
Previous report
•Decrease of approximately $0.9 million due to reductions in professional fees and consulting expenses caused by reductions in discretionary costs and higher regulatory costs in the prior year period associated with permit renewals and environmental matters at the New York Facility;
Previous report
•Decrease of approximately $0.4 million due to allocation of property taxes to cost of sales in 2025.
Previous report
Operating (loss) income from operations
Previous report
Total other expense, net
Previous report
Net loss
Previous report
On November 27, 2024, we entered into a definitive agreement to sell the South Carolina Land for $12.1 million in cash and an 8% profit participation interest in the property’s planned data center. We have agreed with the buyer to extend the date for closing until a date no later than August 25, 2025. On August 1, 2025, we entered into the APA to sell the Mississippi facility for $3.9 million, with a planned closing date of on or before September 16, 2025 (See Note 17, “Subsequent Events”).
Previous report
While the Company believes it will be successful in its efforts to improve liquidity, which will allow it to meet its financial commitments for at least the next 12 months, there can be no assurance that these efforts will be successful.
Reworded paragraphs (57)
Previous wording
The following discussion should be read together with the audited financial statements and the related notes thereto of Greenidge Generation Holdings Inc., together with its consolidated subsidiaries (“Greenidge” or the “Company”) for the years ended December 31, 2024 and 2023 included in our Annual Report on Form 10-K and the unaudited interim financial statements and related notes thereto of the Company for the three and six months ended June 30, 2025 included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains certain forward-looking statements that reflect plans, estimates and beliefs and involve numerous risks and uncertainties, including but not limited to those described in the “Risk Factors” disclosed in Item 1A to Part I of Greenidge’s Annual Report on Form 10-K for the year ended December 31, 2024 and in this Quarterly Report on Form 10-Q, and “Cautionary Statement Regarding Forward-Looking Statements” sections of this Quarterly Report on Form 10-Q. Actual results may differ materially from those contained in any forward-looking statements. For purposes of this section, “Greenidge,“ “the Company,” “we,” “us” and “our” refer to Greenidge Generation Holdings Inc. together with its consolidated subsidiaries. You should carefully read “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q.
Current wording
The following discussion should be read together with the audited financial statements and the related notes thereto of Greenidge Generation Holdings Inc., together with its consolidated subsidiaries (“Greenidge” or the “Company”), for the years ended December 31, 2024 and 2023 included in our Annual Report on Form 10-K and the unaudited interim financial statements and related notes thereto of the Company for the three and nine months ended September 30, 2025 included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains certain forward-looking statements that reflect plans, estimates and beliefs and involve numerous risks and uncertainties, including but not limited to those described in the “Risk Factors” disclosed in Item 1A to Part I of Greenidge’s Annual Report on Form 10-K for the year ended December 31, 2024 and in this Quarterly Report on Form 10-Q, and “Cautionary Statement Regarding Forward-Looking Statements” sections of this Quarterly Report on Form 10-Q. Actual results may differ materially from those contained in any forward-looking statements. For purposes of this section, “Greenidge,“ “the Company,” “we,” “us” and “our” refer to Greenidge Generation Holdings Inc. together with its consolidated subsidiaries. You should carefully read “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q.
Previous wording
We own cryptocurrency datacenter operations in Torrey, New York (the “New York Facility”) and Columbia, Mississippi (the “Mississippi Facility”), and lease property for purposes of operating a cryptocurrency datacenter in Underwood, North Dakota (the “North Dakota Facility”). The New York Facility is a vertically integrated cryptocurrency datacenter and power generation facility with an approximately 106 megawatt (“MW”) nameplate capacity, natural gas power generation facility.
Current wording
We own cryptocurrency datacenter operations in Torrey, New York (the “New York Facility”) and lease property for purposes of operating a cryptocurrency datacenter in Underwood, North Dakota (the “North Dakota Facility”). The New York Facility is a vertically integrated cryptocurrency datacenter and power generation facility with an approximately 106 megawatt (“MW”) nameplate capacity, natural gas power generation facility.
Previous wording
Our datacenter operations consist of approximately 28,500 miners with approximately 3.2 EH/S of combined capacity for both datacenter hosting and cryptocurrency mining, of which 18,200 miners or 1.8 EH/s, is associated with datacenter hosting and 10,300 miners, or 1.4 EH/s is associated with our cryptocurrency mining.
Current wording
Our datacenter operations consist of approx imately 25,400 miners with approximately 2.9 EH/S of combined capacity for both datacenter hosting and cryptocurrency mining, of which 18,200 miners or 1.8 EH/s, is associated with datacenter hosting and 7,200 miners, or 1.1 EH/s is associated with our cryptocurrency mining.
Previous wording
•The Company has extinguished approximately 38.2% of the original $72,200,000 aggregate principal amount of its 8.50% Senior Notes due October 2026 (the “Senior Notes”), totaling $27,611,200 in principal amount (or 1,104,448 Senior Notes, each with a $25 principal value), for either cash or shares of the Company’s Class A common stock, in the aggregate, from October 24, 2024 through the date of this filing. On July 21, 2025, pursuant to the Company’s separate concurrent offers to purchase for cash, or issue a new series of 10.00% Senior Due due 2030 (each with a $11 principal value) (collectively, the “New Notes”) in exchange for, its Senior Notes (such transaction, the “Tender/Exchange Offer”), the Company announced that in connection with the Tender/Exchange Offer it had purchased $8.9 million in aggregate principal amount of the Senior Notes for a total of $3.2 million in cash and exchanged $4.8 million in aggregate principal amount of the Senior Notes for $2.2 million in aggregate principal amount of the New Notes. Following the conclusion of the Tender/Exchange Offer, the Company had $44.6 million in aggregate principal amount of Senior Notes outstanding and $2.2 million in aggregate principal amount of New Notes outstanding. See Note 5, “Debt” and Note 9, “Stockholders’ Deficit,” in the Notes to our Unaudited Condensed Consolidated Financial Statements for further information.
Current wording
•We have extinguished approximately 47.3% of the original $72,200,000 aggregate principal amount of our 8.50% Senior Notes due October 2026 (the “Senior Notes”), totaling $34,124,700 in principal amount (or 1,364,988 Senior Notes, each with a $25 principal value), for either cash or shares of our Class A common stock, in the aggregate, from October 24, 2024 through the date of this filing. On November 6, 2025, pursuant to our third offering of separate concurrent offers to purchase for cash, or issue a new series of 10.00% Senior Notes Due due 2030 (each with a $11 principal value) (collectively, the “New Notes”) in exchange for, the Senior Notes (such transaction, the “Third Tender/Exchange Offer”), we purchased $0.3 million in aggregate principal amount of the Senior Notes for a total of $0.1 million in cash and exchanged $0.1 million in aggregate principal amount of the Senior Notes for less than 0.1 million in aggregate principal amount of the New Notes. Following the conclusion of our Third Tender/Exchange Offer, we had $38.1 million in aggregate principal amount of Senior Notes outstanding and $2.3 million in aggregate principal amount of New Notes outstanding. See Note 5, “Debt”
Previous wording
•On August 1, 2025, Greenidge Mississippi LLC, a wholly owned subsidiary of the Company, entered into an Asset Purchase Agreement (the “APA”) to sell certain assets comprising the Mississippi Facility, excluding any bitcoin miners and the adjoining 5.6 acre tract of land with over 73,000 square feet of industrial warehouse space, to US Digital Mining Mississippi LLC, a wholly owned subsidiary of LM Funding America, Inc. (collectively, the “Buyer”), for a purchase price of $3.9 million in cash. The transaction is expected to close on or before September 16, 2025 (such date, the “APA Closing Date”), subject to the satisfaction of customary closing conditions. Pursuant to the terms of the APA, one (1) business day following the execution of the APA, the Buyer was required to deposit into escrow $0.2 million as an earnest money deposit, which is refundable at the Buyer’s discretion during the due diligence period. The due diligence period expires five business days prior to the APA Closing Date. The APA includes customary representations, warranties, and conditions, as well as mutual indemnification obligations for the parties. The Company continues to evaluate potential uses for the retained industrial warehouse space, including a possible sale.
Current wording
•On August 1, 2025, Greenidge Mississippi LLC, our wholly owned subsidiary of the Company, entered into an Asset Purchase Agreement (the “APA”) to sell certain assets comprising our plant in Columbus, Mississippi, excluding any bitcoin miners and the adjoining 5.6 acre tract of land with over 73,000 square feet of industrial warehouse space, to US Digital Mining Mississippi LLC, a wholly owned subsidiary of LM Funding America, Inc. (collectively, the “Buyer”), for a purchase price of $3.9 million in cash. On September 16, 2025, concurrent with the closing of the transaction, we sold certain miners to the Buyer for an additional $0.3 million. We continue to evaluate potential uses for the retained industrial warehouse space, including a possible sale or lease.
Previous wording
•During the three months ended June 30, 2025, we did not issue any shares of our Class A common stock under the Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC (See Note 9, “Stockholders’ Deficit - Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC”). As of the filing date, we do not plan to sell any shares of our Class A common stock pursuant to the Common Stock Purchase Agreement; however, there can be no assurance that we will not do so at, above or below prevailing market prices for our shares of Class A common stock as of the date of filing.
Current wording
•During the three months ended September 30, 2025, we did not issue any shares of our Class A common stock under the Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC (See Note 9, “Stockholders’ Deficit - Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC”). As of the filing date of this report, we do not plan to sell any shares of our Class A common stock pursuant to the Common Stock Purchase Agreement; however, there can be no assurance that we will not do so at, above or below prevailing market prices for our shares of Class A common stock as of the date of filing.
Previous wording
During the three months ended June 30, 2025 Greenidge increased power and capacity MWhs due to favorable power and capacity economics, while reducing MWhs dedicated to datacenter hosting. At June 30, 2025, Greenidge datacenter operations consisted of approximately 28,500 miners with approximately 3.2 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 18,200 miners, or 1.8 EH/s, were associated with datacenter hosting and 10,300 miners, or 1.4 EH/s, were associated with Greenidge’s cryptocurrency mining.
Current wording
During the three months ended September 30, 2025 Greenidge increased power and capacity MWhs due to favorable power and capacity economics, while reducing MWhs dedicated to datacenter hosting. At September 30, 2025, Greenidge datacenter operations consisted of approximately 25,400 miners with approximately 2.9 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 18,200 miners, or 1.8 EH/s, were associated with datacenter hosting and 7,200 miners, or 1.1 EH/s, were associated with Greenidge’s cryptocurrency mining.
Previous wording
For our cryptocurrency mining revenue, we generate revenue in the form of bitcoin by earning bitcoin as rewards and transaction fees for supporting the global bitcoin network with application-specific integrated circuit computers (“ASICs” or “miners”) owned by us. Our cryptocurrency mining revenue decreased $0.5 million, or 11%, to $4.2 million.
Current wording
For our cryptocurrency mining revenue, we generate revenue in the form of bitcoin by earning bitcoin as rewards and transaction fees for supporting the global bitcoin network with application-specific integrated circuit computers (“ASICs” or “miners”) owned by us. Our cryptocurrency mining revenue increased $0.9 million, or 28%, to $4.2 million.
Previous wording
We estimate that approximately 41%of the decrease was due to increases in the global bitcoin mining difficulty factor and the bitcoin halving that occurred in April 2024, which was partially offset by 30% due to the increase in the average price of bitcoin. Bitcoin mining difficulty was 45% higher compared to the prior year due to increases in the difficulty index associated with the complexity of the algorithmic solution required to create a block and receive a bitcoin award, and the average bitcoin price was 50% higher than the prior year.
Current wording
We estimate that approximately 59% of the increase was due to the increase in the average price of bitcoin, partially offset by 34% due to increases in the global bitcoin mining difficulty factor. Bitcoin mining difficulty was 51% higher compared to the prior year due to increases in the difficulty index associated with the complexity of the algorithmic solution required to create a block and receive a bitcoin award, and the average bitcoin price was 87% higher than the prior year.
Previous wording
The miners associated with Greenidge’s cryptocurrency mining were comprised as follows:
Current wording
At September 30, 2025, the miners associated with Greenidge’s cryptocurrency mining were comprised as follows:
Previous wording
As of June 30, 2025, our fleet of miners ranged in age from 0.2 to 3.8 years and had an average age of approximately 2.4 years. We do not have scheduled downtime for our miners. When we have unscheduled downtime, we may from time to time replace a miner with a substitute miner in order to minimize overall fleet downtime. As of June 30, 2025, our fleet of miners ranged in efficiency from approxim ately 15.0 to 34.2 joules per terahash (“J/TH”) and had an average efficiency of 23.7 J/TH.
Current wording
As of September 30, 2025, our fleet of miners ranged in age from 0.5 to 4.1 years and had an average age of approximately 2.1 years. We do not have scheduled downtime for our miners. When we have unscheduled downtime, we may from time to time replace a miner with a substitute miner in order to minimize overall fleet downtime. As of September 30, 2025, our fleet of miners ranged in efficiency from approximately 15.0 to 34.2 joules per terahash (“J/TH”) and had an average efficiency of 21.3 J/TH.
Previous wording
Under the hosting services agreement and related orders with affiliates of NYDIG ABL LLC (collectively as in effect from time to time, the “NYDIG Hosting Agreement”), we generate revenue from a reimbursement fee that covers the cost of power and direct costs associated with management of the mining facilities, a hosting fee and a gross profit-sharing arrangement. The arrangement covers substantially all of our current mining capacity at the New York Facility. We generated revenue of $6.0 million for the three months ended June 30, 2025 and $6.8 million for the three months ended June 30, 2024. This decrease of $0.8 million was due to a 45% increase in average difficulty, a 3% decrease in hosting MWhs, as well as a decrease in bitcoin rewards due to the bitcoin halving in April 2024, partially offset by a 50% increase in the average price of bitcoin. We managed approximately 1.4 EH/s of average active hash rate in our hosting services, of which produced approximately 67 bitcoins.
Current wording
Under the hosting services agreement and related orders with affiliates of NYDIG ABL LLC (collectively as in effect from time to time, the “NYDIG Hosting Agreement”), we generate revenue from a reimbursement fee that covers the cost of power and direct costs associated with management of the mining facilities, a hosting fee and a gross profit-sharing arrangement. The arrangement covers substantially all of our current mining capacity at the New York Facility. We generated revenue of $6.3 million for the three months ended September 30, 2025 and $6.5 million for the three months ended September 30, 2024. This decrease of $0.2 million was due to a 51% increase in average difficulty and a 17% decrease in hosting MWhs, partially offset by an 87% increase in the average price of bitcoin. We managed approximately 1.3 EH/s of average active hash rate in our hosting services, which produced approximately 59 bitcoins.
Previous wording
Power and capacity revenue at our New York Facility is earned when we sell capacity and energy and ancillary services to the wholesale power grid managed by the New York Independent System Operator (“NYISO”). Through these sales, we earn revenue in three streams, including: (1) power revenue received based on the hourly price of power; (2) capacity revenue for committing to sell power to the NYISO when dispatched; and (3) other ancillary service revenue received as compensation for the provision of operating reserves. Our power and capacity revenue increased $1.1 million, or 74%, to $2.6 million during the three months ended June 30, 2025. We estimate that higher power and capacity sales volume due to increased demand and higher average power and capacity prices caused revenue increases of approximately 24% and 50%, respectively.
Current wording
Power and capacity revenue at our New York Facility is earned when we sell capacity and energy and ancillary services to the wholesale power grid managed by the New York Independent System Operator (“NYISO”). Through these sales, we earn revenue in three streams, including: (1) power revenue received based on the hourly price of power; (2) capacity revenue for committing to sell power to the NYISO when dispatched; and (3) other ancillary service revenue received as compensation for the provision of operating reserves. Our power and capacity revenue increased $2.1 million, or 83%, to $4.7 million during the three months ended September 30, 2025. We estimate that higher power and capacity sales volume due to increased demand and higher average power and capacity prices caused revenue increases of approximately 14% and 68%, respectively.
Previous wording
Total cost of revenue, exclusive of depreciation, increased $2.5 million, or 27%, to $11.9 million during the three months ended June 30, 2025 as compared to the prior year period. We estimate the increase is comprised of approximately 18%due to higher natural gas costs, 7% due to higher emissions expense due to higher RGGI prices, 6% due to higher electricity costs outside of our New York Facility, and 3% due to increase in other costs. This was partially offset by approximately 9%due to a decrease in cryptocurrency mining hosting fees upon termination of the hosting agreements in Q2 2024.
Current wording
Total cost of revenue, exclusive of depreciation, increased $1.7 million, or 18%, to $11.0 million during the three months ended September 30, 2025 as compared to the prior year period. We estimate the increase is composed of approximately 14% due to higher natural gas costs primarily due to a 51% increase in natural gas prices, as well as 4% due to increase in plant repairs and maintenance, partially offset by a 9% decrease in MWh volume at the New York Facility.
Previous wording
Selling, general and administrative expenses decreased $1.1 million, or 27%, to $3.1 million for the three months ended June 30, 2025 as compared to the prior year period. The main drivers of the decrease in selling, general and administrative expenses were:
Current wording
Selling, general and administrative expenses decreased $0.7 million, or 18%, to $3.1 million for the three months ended September 30, 2025 as compared to the prior year period. The main drivers of the decrease in selling, general and administrative expenses were:
Previous wording
•Total insurance expense decreased approximately $0.6 million in the second quarter of 2025 compared to the prior year period, as a result of a decline in coverage costs related to umbrella, property, and liability policies due to a lower asset base;
Current wording
•Total insurance expense decreased approximately $0.2 million in the third quarter of 2025 compared to the prior year period, as a result of a decline in coverage costs related to umbrella, property, and liability policies due to a lower asset base;
Previous wording
•Decrease of approximately $0.2 million due to less environmental remediation expenses incurred in the second quarter of 2025 compared to the prior year period; and
Current wording
•Decrease of approximately $0.1 million due to less environmental remediation expenses incurred in the third quarter of 2025 compared to the prior year period.
Previous wording
Depreciation expense decreased $0.1 million, or 3%, to $3.2 million for the three months ended June 30, 2025 as compared to the prior year period, due to a lower depreciable asset base at the end of the period.
Current wording
Depreciation expense decreased $0.4 million, or 11%, to $3.0 million for the three months ended September 30, 2025 as compared to the prior year period, due to a lower depreciable asset base at the end of the period.
Previous wording
Werecognized a gain on digital assets of $2.1 million for the three months ended June 30, 2025 as a result of an increase in the closing price of bitcoin during the three months ended June 30, 2025, of which $1.6 million of which was an unrealized gain on bitcoin held in treasury and $0.5 million of which was a realized gain on sale of bitcoin during the quarter. There was a $0.01 million loss on digital assets during the three months ended June 30, 2024.
Current wording
We recognized a gain on digital assets of $0.5 million for the three months ended September 30, 2025 as a result of an increase in the closing price of bitcoin during the three months ended September 30, 2025, $0.2 million of which was an unrealized gain on bitcoin held in treasury and $0.2 million of which was a realized gain on sale of bitcoin during the quarter. There was a $0.2 million gain on digital assets during the three months ended September 30, 2024.
Previous wording
We recognized a loss on the sale of assets of $0.4 million for the six months ended June 30, 2025, which was primarily as a result of selling long-lived assets. During the six months ended June 30, 2024, we recognized a $0.03 million gain on the sale of assets.
Current wording
We recognized a gain on the sale of assets of $1.7 million for the three months ended September 30, 2025 as a result of selling assets from our Mississippi plant which comprised miner infrastructure, miners and land as well as other long-lived assets during the quarter. We recognized a loss of $0.7 million on the sale of assets during the three months ended September 30, 2024.
Previous wording
As a result of the factors described above, we reported an operating loss for the three months ended June 30, 2025 of $3.4 million as compared to an operating loss of $3.8 million in the three months ended June 30, 2024.
Current wording
As a result of the factors described above, we reported operating income for the three months ended September 30, 2025 of $0.3 million as compared to an operating loss of $4.7 million in the three months ended September 30, 2024.
Previous wording
Our effective tax rate for the three months ended June 30, 2025 and 2024 was a benefit of 1% and an expense of 0%, respectively, which was lower than the statutory rate of 21% because we have a full valuation allowance on deferred tax assets, as well as receiving refunds during 2025 in connection with prior tax periods. We recorded and will continue to carry a full valuation allowance against our gross deferred tax assets that will not reverse against deferred tax liabilities within the scheduled reversal period.
Current wording
Our effective tax rate for the three months ended September 30, 2025 and 2024 was 0% and 2%, respectively, which was lower than the statutory rate of 21% because we have a full valuation allowance on deferred tax assets, as well as an adjustment for the New York State income tax receivable upon completion of the 2023 tax return. We recorded and will continue to carry a full valuation allowance against our gross deferred tax assets that will not reverse against deferred tax liabilities within the scheduled reversal period.
Previous wording
As a result of the factors described above, we incurred a net loss of $4.1 million for the three months ended June 30, 2025 as compared to a net loss of $5.6 million for the three months ended June 30, 2024.
Current wording
As a result of the factors described above, we recognized net income of $12.0 million for the three months ended September 30, 2025 as compared to a net loss of $6.4 million for the three months ended September 30, 2024.
Previous wording
The following table (in thousands) sets forth key components of our results from operations and should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to the six months ended June 30, 2025 versus the six months ended June 30, 2024, unless otherwise specified.
Current wording
The following table (in thousands) sets forth key components of our results from operations and should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to the nine months ended September 30, 2025 versus the nine months ended September 30, 2024, unless otherwise specified.
Previous wording
The following table provides a summary of key metrics related to the six months ended June 30, 2025 and 2024.
Current wording
The following table provides a summary of key metrics related to the nine months ended September 30, 2025 and 2024.
Previous wording
During the six months ended June 30, 2025, Greenidge increased power and capacity MWhs due to favorable power and capacity economics, while reducing MWhs dedicated to hosting services. At June 30, 2025, Greenidge datacenter operations consisted of approximately 28,500 miners with approximately 3.2 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 18,200 miners, or 1.8 EH/s, is associated with datacenter hosting and 10,300 miners, or 1.4 EH/s, is associated with Greenidge’s cryptocurrency mining.
Current wording
During the nine months ended September 30, 2025, Greenidge increased power and capacity MWhs due to favorable power and capacity economics, while reducing MWhs dedicated to hosting services. At September 30, 2025, Greenidge datacenter operations consisted of approximately 25,400 miners with approximately 2.9 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 18,200 miners, or 1.8 EH/s, is associated with datacenter hosting and 7,200 miners, or 1.1 EH/s, is associated with Greenidge’s cryptocurrency mining.
Previous wording
For our cryptocurrency mining revenue, we generate revenue in the form of bitcoin by earning bitcoin as rewards and transaction fees for supporting the global bitcoin network with ASICs owned or leased by us. Our cryptocurrency mining revenue decreased $3.3 million, or 28%, to $8.5 million. We estimate that approximately 55% of the decrease was due to the increase in the global bitcoin mining difficulty factor and the bitcoin halving that occurred in April 2024, which was partially offset by 27% due to the increase in the average price of bitcoin. Bitcoin mining difficulty was 44% higher compared to the prior year due to increases in the difficulty index associated with the complexity of the algorithmic solution required to create a block and receive a bitcoin award, the average bitcoin price was 62%higher and our average hash rate increased 15%, primarily attributable to the addition of more efficient miners to our fleet.
Current wording
For our cryptocurrency mining revenue, we generate revenue in the form of bitcoin by earning bitcoin as rewards and transaction fees for supporting the global bitcoin network with ASICs owned or leased by us. Our cryptocurrency mining revenue decreased $2.4 million, or 16%, to $12.6 million. We estimate that approximately 47% of the decrease was due to the increase in the global bitcoin mining difficulty factor and the bitcoin halving that occurred in April 2024, which was partially offset by 35% due to the increase in the average price of bitcoin. Bitcoin mining difficulty was 47% higher compared to the prior year due to increases in the difficulty index associated with the complexity of the algorithmic solution required to create a block and receive a bitcoin award, the average bitcoin price was 70%higher and our average hash rate increased 11%, primarily attributable to the addition of more efficient miners to our fleet.
Previous wording
The miners associated with Greenidge’s cryptocurrency mining were comprised as follows:
Current wording
At September 30, 2025, the miners associated with Greenidge’s cryptocurrency mining were comprised as follows:
Previous wording
As of June 30, 2025, our fleet of miners ranged in age from 0.2 to 3.8 years and had an average age of approximately 2.4 years. We do not have scheduled downtime for our miners. When we have unscheduled downtime, we may from time to time replace a miner with a substitute miner in order to minimize overall fleet downtime. As of June 30, 2025, our fleet of miners ranged in efficiency from approximately 15.0 to 34.0 J/TH and had an average efficiency of 23.7 J/TH.
Current wording
As of September 30, 2025, our fleet of miners ranged in age from 0.5 to 4.1 years and had an average age of approximately 2.1 years. We do not have scheduled downtime for our miners. When we have unscheduled downtime, we may from time to time replace a miner with a substitute miner in order to minimize overall fleet downtime. As of September 30, 2025, our fleet of miners ranged in efficiency from approximately 15.0 to 34.0 J/TH and had an average efficiency of 21.3J/TH.
Previous wording
The table below presents the average cost of mining each bitcoin for the six months ended June 30, 2025:
Current wording
The table below presents the average cost of mining each bitcoin for the nine months ended September 30, 2025:
Previous wording
Under the NYDIG Hosting Agreement, we generate revenue from a reimbursement fee that covers the cost of power and direct costs associated with management of the mining facilities, a hosting fee and a gross profit-sharing arrangement. The arrangement covers substantially all of our current mining capacity at the New York Facility. We generated revenue of $11.9 million for the six months ended June 30, 2025 and $16.1 million for the six months ended June 30, 2024. This decrease of $4.2 million was due to a 44% increase in average difficulty, a 14% decrease in hosting MWhs due to the shift to more power and capacity volumes primarily in Q1 2025, as well as a decrease in bitcoin rewards due to the bitcoin halving in April 2024, partially offset by a 62% increase in the average price of bitcoin. We managed approximately 1.4 EH/s of average active hash rate in our hosting services, of which produced approximately 134 bitcoins.
Current wording
Under the NYDIG Hosting Agreement, we generate revenue from a reimbursement fee that covers the cost of power and direct costs associated with management of the mining facilities, a hosting fee and a gross profit-sharing arrangement. The arrangement covers substantially all of our current mining capacity at the New York Facility. We generated revenue of $18.2 million for the nine months ended September 30, 2025 and $22.6 million for the nine months ended September 30, 2024. This decrease of $4.4 million was due to a 47% increase in average difficulty, a 15% decrease in hosting MWhs due to the shift to more power and capacity volumes primarily in Q1 2025, as well as a decrease in bitcoin rewards due to the bitcoin halving in April 2024, partially offset by a 70% increase in the average price of bitcoin. We managed approximately 1.3 EH/s of average active hash rate in our hosting services, of which produced approximately 193 bitcoins.
Previous wording
Our power and capacity revenue increased $7.3 million, or 160%, to $11.8 million during the six months ended June 30, 2025. We estimate higher average power and capacity prices and higher power and capacity sales volume caused revenue increases of approximately 50% and 110%, respectively, as compared to the prior period.
Current wording
Our power and capacity revenue increased $9.4 million, or 132%, to $16.5 million during the nine months ended September 30, 2025. We estimate higher average power and capacity prices and higher power and capacity sales volume caused revenue increases of approximately 37% and 95%, respectively, as compared to the prior period.
Previous wording
Total cost of revenue, exclusive of depreciation, increased $5.2 million, or 24%, to $26.8 million during the six months ended June 30, 2025 as compared to the prior year period. We estimate the increase is comprised of approximately 38% due to higher natural gas costs as well as an 8% increase due to higher electricity costs compared to the prior period. This was partially offset by 20% due to the reduction in monthly hosting fees paid to third parties for hosting Company-owned miners.
Current wording
Total cost of revenue, exclusive of depreciation, increased $6.7 million, or 22%, to $37.9 million during the nine months ended September 30, 2025 as compared to the prior year period. We estimate the increase is composed of approximately 31% due to higher natural gas costs primarily due to a 52% increase in natural gas prices, as well as a 6% increase due to higher electricity costs compared to the prior period. This was partially offset by 15% due to the reduction in monthly hosting fees paid to third parties for hosting Company-owned miners.
Previous wording
Selling, general and administrative expenses decreased $3.8 million, or 39%, to $5.9 million for the six months ended June 30, 2025 as compared to the prior year period. The main drivers of the decrease in selling, general and administrative expenses were:
Current wording
Selling, general and administrative expenses decreased $4.2 million, or 32%, to $9.0 million for the nine months ended September 30, 2025 as compared to the prior year period. The main drivers of the decrease in selling, general and administrative expenses were:
Previous wording
•Total insurance expense decreased approximately $1.4 million in the six months ended June 30, 2025 compared to the prior year period, as a result of declines in coverage costs related to umbrella, property, and liability policies due to a lower asset base;
Current wording
•Total insurance expense decreased approximately $1.6 million during the nine months ended September 30, 2025 compared to the prior year period, as a result of declines in coverage costs related to umbrella, property, and liability policies due to a lower asset base;
Previous wording
•Decrease of approximately $0.2 million due to reductions in professional fees and consulting expenses caused by reductions in discretionary costs;
Current wording
•Decrease of approximately $0.5 million due to reductions in professional fees and consulting expenses caused by reductions in discretionary costs, primarily related to tax preparation services;
Previous wording
•Total payroll and benefits and stock compensation decreased approximately $0.3 million and $0.5 million, respectively, in the six months ended June 30, 2025 compared to the prior year period, as a result of declines in employee expenses related to the corporate overhead cost as well as a decrease in incentive compensation; and
Current wording
•Total payroll and benefits and stock compensation decreased approximately $0.4 million and $1.2 million, respectively, during the nine months ended September 30, 2025 compared to the prior year period, as a result of declines in employee expenses related to the corporate overhead cost as well as a decrease in incentive compensation and the forfeiture of unvested stock options; and
Previous wording
Depreciation expense decreased $0.2 million, or 3%, to $6.3 million for the six months ended June 30, 2025 as compared to the prior year period, due to a lower asset base.
Current wording
Depreciation expense decreased $0.6 million, or 6%, to $9.3 million for the nine months ended September 30, 2025 as compared to the prior year period, due to a lower asset base.
Previous wording
We recognized a gain on digital assets of $1.1 million for the six months ended June 30, 2025 as a result of an increase in the price of bitcoin during the six months ended June 30, 2025, which compriseda $0.4 million unrealized gain on digital assets held in treasury and a $0.7 million realized gain on sales of bitcoin during the year. There was a$0.1 million unrealized loss on digital assets and a $0.1 million realized gain on sales of bitcoin during the six months ended June 30, 2024.
Current wording
We recognized a gain on digital assets of $1.6 million for the nine months ended September 30, 2025 as a result of an increase in the price of bitcoin during the nine months ended September 30, 2025, which comprised a $0.6 million unrealized gain on digital assets held in treasury and a $0.9 million realized gain on sales of bitcoin during the year. There was a $0.1 million unrealized gain on digital assets and a $0.1 million realized gain on sales of bitcoin during the nine months ended September 30, 2024.
Previous wording
We recognized a loss on the sale of assets of $0.2 million for the three months ended June 30, 2025 as a result of selling long-lived assets. There was a gain of $0.03 million on the sale of assets for the three months ended June 30, 2024.
Current wording
We recognizeda gain on the sale of assets of $1.4 million for the nine months ended September 30, 2025, which was primarily as a result of selling assets from our Mississippi plant, which comprised miner infrastructure, miners and land as well as other long-lived assets during the year. During the nine months ended September 30, 2024, we recognized a $0.7 million loss on the sale of assets.
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Current report — wording carried from elsewhere
and Note 9, “Stockholders’ Deficit,” in the Notes to our Unaudited Condensed Consolidated Financial Statements for further information.
Current report — wording carried from elsewhere
•Total payroll and benefits and stock compensation expense decreased approximately $0.1 and $0.7 million, respectively, in the third quarter of 2025 compared to the prior year period, as a result of declines in employee expenses related to the corporate overhead cost, decrease in incentive compensation and forfeiture of unvested options;
Current report — wording carried from elsewhere
•On August 1, 2025, we entered into an Asset Purchase Agreement (the “APA”) and certain ancillary agreements to sell the Mississippi Facility, other than the adjoining 5.6 acre tract of land with over 73,000 square feet of industrial warehouse space, for $4.2 million in cash, which closed on September 16, 2025 (see Note 4,"Property and Equipment").
Current report — wording carried from elsewhere
We are considering various items to address the Senior Notes obligations, including:
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
$44.6 million in aggregate principal amount of Senior Notes outstanding and $2.2 million in aggregate principal amount of New Notes outstanding.